Tuesday, May 26, 2015

Gibbs Street building to undergo renovation

A property lining Gibbs Street has new owners, who are committing upwards of $700,000 to upgrade and renovate the site. 

Anthony Matthews LLC, composed of proprietors Mark Siwiec and Duffy Palmer, closed last week on the 26-unit apartment building in the city for $1.2 million. The property includes 130-152 Gibbs St. and a former carriage house on a contiguous lot at 3-5 Selden St. 

The two had worked to secure the site for more than a year, Siwiec said, adding that it traditionally has been filled with students from the Eastman School of Music but has fallen into disrepair over the years. There are six vacancies. They believe Eastman students still will be interested in the units.

The property, where Palmer once lived when he moved to the area years ago, was owned by Woodlark Cos., a Miami, Fla.-based real estate investment firm that owns properties primarily outside of New York. 

“We felt it was a jewel, the centerpiece of the neighborhood,” Siwiec said of the property. 

The new owners plan to update the kitchens and bathrooms, refinish the hardwood floors and make improvements to the exterior. The work has begun already, and they plan to complete two units at a time over the next year or so. 

Siwiec said the response to the deal has been positive, noting comments about the project on social media. People already have expressed interest in renting, he said.  

“We didn’t know the love people truly had for the building,” he said. 

Suzanne Mayer, president of the Grove Place Association, said the organization is pleased the property is returning to local ownership. 

“The beautiful buildings that are on the national register have been neglected in the past few years by an out-of-state owner,” Mayer said. “We believe that Mark and Duffy will invest in this cornerstone of our neighborhood by returning the buildings to their former beauty and will maintain the buildings going forward. We are excited to see the project unfold.”

Siwiec, a local real estate agent with Nothnagle Realtors, and Palmer, an educator and former state deputy secretary of education, own around 125 rental units in Rochester, including ones in the Park Avenue area and Vick Park A. 

Siwiec said the units they own have few vacancies, which he attributes to competitive rents—they work to keep rents under $1,000—coupled with properly maintained buildings that have historic character. 

They plan to continue to look for the right properties to develop.

“We are already looking for the next one,” Siwiec said. 

Tuesday, May 19, 2015

Wegmans to start on $40M addition to Perinton store

Wegmans Food Markets Inc. plans to break ground on a 31,300-square-foot expansion at its Perinton store on Monday at 10 a.m. 

Once completed, the store will be a total of 122,000 square feet. Wegmans will add 125 full-time and part-time employees, along with construction jobs to complete the addition.

The store’s addition will cost $40 million and is expected to open in November, officials said.

The expansion will take several months to complete and will include fresh food departments, such as produce, bakery, meat, seafood, prepared foods, and Market Cafe seating for 180 people, officials said. 

The Pub by Wegmans—a full-service restaurant—will be added to the store and will have a seating capacity of 86, officials said. The pub is expected to open in the first quarter 2016.

The parking lot will be finished when the expansion is complete and then the focus will be on the store’s existing footprint which will take a little over a year, officials said.

(c) 2015 Rochester Business Journal. 

Source: http://rbjdaily.com/